I did give this consideration when looking at Estonia 12 -18m ago. Some offshore islands had large forested plots for sale under £20,000.
Ive always been an eco nut so the appeal is both commercial and emmotional I guess.
On the face of it as you suggest the investment should be hassle free but I bet there are issues such as pest control - I could see local enviromental officers sending me a bill to have a beetle infestation removed that could devastate timber crops. The once commonly planted Pinus Nigra (Austrian Black pine) suffered just such a problem in the US a few years back (from memory).
The potential is good me thinks. From forest burials, to offsetting, timber, camping, survival courses for corporate manager bonding and so on.
Remember not all timber is economic - the costs of harvest might outweigh the income. Accesibility is one limiting factor.
Great fun though and a big part of me thinks, what the heck just invest!
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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year 
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